The Ontario Securities Commission (OSC) has launched a financial technology (fintech) innovation hub and regulatory sandbox to support fintech businesses.
The new facility, dubbed OSC LaunchPad, will support fintech startups in navigating the securities law requirements, and offer informal guidance at an early stage on potential securities regulation implications.
The regulator will also consider offering exemptive relief to innovators so that they can test their products and services.
OSC chair and CEO Maureen Jensen said: “This is an exciting opportunity for Canadian innovators. With OSC LaunchPad, emerging fintech businesses now have an opportunity to work with securities law experts from day one.
“This initiative reflects the OSC’s commitment to regulation that is in step with innovation.”
OSC said that it will apply its learnings from OSC LaunchPad to modernise regulation for similar businesses, and also laid out plans to set up a fintech advisory committee.
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The recent move comes shortly after Malaysia’s launch of a fintech regulatory sandbox framework to foster innovation in the fintech space. In September 2016, the Hong Kong Monetary Authority (HKMA) set up a fintech innovation hub and supervisory sandbox to support fintech innovation.